New Senate leader Thune aims to tackle US fiscal mess but admits GOP tax cuts may not be fully funded
New Senate Majority Leader John Thune on Sunday said one of his top objectives will be to address the country’s “fiscal mess” — even while acknowledging upcoming expected GOP tax cuts may not be fully funded.Thune (R-SD), 63, who officially took the baton from Mitch McConnell as the Senate’s boss Friday, stressed his intent to focus on problems for the long term.“I would like to see us as a nation do things that affect the long-term stability, future of our kids and our grandkids,” the Republican told NBC’s “Meet the Press” when asked about the “mark” he wants to leave during his tenure.
“We’re in a fiscal mess, $3[6] trillion in debt.“But I think first and foremost it’s protecting the country,” Thune added of issues facing the US.
“Military readiness will be a big priority for me.”President-elect Donald Trump and Republicans are headed for something of a fiscal storm in 2025, forced to reckon with expiring provisions of the 2017 tax cuts, expiring expanded subsidies in the Affordable Care Act and the return of the debt ceiling, among other issues.Republicans have made clear that they want to extend the 2017 tax cuts and add other reforms that Trump, 78, championed on the campaign trail such as no tax on tips and no tax on Social Security checks.Extending those tax reductions could add $3.59 trillion to the deficit between 2025 to 2034, according to an estimate from the Tax Foundation.
Thune admitted that Republicans may not be able pay for all of their tax reforms, even with such measures as cuts in spending.“Well, not perhaps all of it,” Thune said when asked about paying for the potential bill.“What I’m telling you is a combination of growth, a combination of offsets, and an expectation, I think, that if you want to avoid a $4 trillion tax increase, you’re going to have to take some steps to extend the current tax policy.”Republicans have long claimed that projections about the revenue generated from econom...